Lab Accessories Market is expected to reach US$ 1.1 Billion by 2032, at a CAGR of 6.8%

Future Market Insights recently published a study projecting that the Lab Accessories Market demand will grow at a high CAGR of 6.8%, expanding from US$ 585.0 Million in 2022 to US$ 1.1 Billion by 2032. The report cites increasing availability of research funding, rapid technological advancements, and large-scale disease outbreaks as factors contributing to the market’s growth.

The growing competition in the pharmaceutical and diagnostic industries is leading to a constant increase in demand for laboratory accessories. To meet this demand, manufacturers must continually introduce new products with advanced technology to support lab automation. In addition to conventional lab accessories, products such as microplates and modular lab tables are gaining popularity.

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The demand for infectious disease diagnosis is also on the rise due to the increasing prevalence of various infectious diseases. The World Health Organization estimates that 36.7 million people were suffering from HIV in 2016. Moreover, there has been a significant increase in the number of funding agencies for research institutes, such as Science and Technology Application for Rural Development (STARD) 2015 and Intensification of Research in Higher Priority Areas (IRHPA) 2016. These funding agencies are expected to boost the growth of the global laboratory accessories market over the forecast period, as lab accessories are required to run the laboratories.

Leading Companies Profiled in Lab Accessories Market are

• Thermo Fisher Scientific Inc.
• Analytik Jena AG
• Biotix Inc.
• Vistalab Technologies Inc.
• Bio Rad Laboratories Inc.
• Brooks Automation Inc.
• BD
• Corning Incorporated
• Greiner Bio-One International GmbH
• Hamilton Company
• Parker Hannifin Corporation
• Heidolph Instruments GmbH & Co. KG
• Gilson Inc.
• HNP Mikrosyteme GmbH
• Verderflex

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Key Takeaways from the Market Study

• Global lab accessories market to nearly double from 2022 to 2032
• US to account for the highest value share of US$ 403.0 Million of global market demand for lab accessories in 2032
• From 2015 to 2021, lab accessories demand expanded at a CAGR of 7.5%
• By type, the wash stations category constitutes the bulk of lab accessories market with a CAGR of 6.7%.
• By end-user, research institutes to be most prominent end user, registering a CAGR of 6.9% by 2032

 “High adoption of laboratory automation systems in drug discovery and clinical diagnostics is amongst the important factor expected to intensify the growth and demand of lab accessories market during the forecast period,” remarks an FMI analyst.

Competitive Landscape

Players in the global Lab Accessories Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:

•  In June 2022, Becton, Dickinson and Company introduced the new BD FACSDiscover S8 Cell Sorter, featuring the breakthrough BD CellView Image Technology. It is the first cell sorter to combine advanced spectral flow cytometry with sort-capable image analysis that will potentially enable researchers to yield more accurate data and sort cells that previously could not be identified.
• In June 2021, Bio-Rad Laboratories, Inc. announced the launch of its PREvalence ddPCR^® SARS-CoV-2 Wastewater Quantification Kit, a sensitive, accurate, and cost-effective tool used to detect SARS-CoV-2 in a community’s wastewater. ddPCR^® technology is recommended in the Centers for Disease Control and Prevention guidelines (CDC) for wastewater testing, and use of the technology has been published by the Environmental Protection Agency (EPA) as a dependable method to quantify viruses in wastewater.

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Key Segments Covered in The Lab Accessories Market Study

Lab Accessories Market by Type:

• Lab Microplates
• Microplate Accessories
• Lab Label Printers
• Lab Pipettes
• Lab Pumps
• Lab Reagent Reservoirs
• Lab Valves
• Lab Tubings
• Lab Wash Stations

Lab Accessories Market by End User:

• Lab Accessories for OEMs
• Lab Accessories for Biotechnology and Pharmaceutical Companies
• Lab Accessories for Hospitals and Private Laboratories
• Lab Accessories for Academic Institutes
• Lab Accessories for Research Institutes

About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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